Daily technical and trading outlook – USD/JPY
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Last Update At 14 Sep 2021 00:11GMT.
Trend daily chart
Sideways
Daily Indicators
Neutral
21 HR EMA
110.00
55 HR EMA
109.98
Trend hourly chart
Sideways
Hourly Indicators
Neutral
13 HR RSI
47
14 HR DMI
-ve
Daily analysis
Consolidation with downside bias.
Resistance
110.79 - Aug's high (11th).
110.44 - Last Wed's 3-1/2 week high.
110.15 - Mon's high.
Support
109.60 - Aug 31st n Sep 03 low.
109.42 - Aug 24 low.
109.12 - Aug 16 low.
USD/JPY - 109.96.. Although dlr caught a bid at 109.82 (NZ) on Mon n then climbed to session highs of 110.15 (Europe) in tandem with U.S. yields, price later retreated to 109.91 in NY on broad-based usd's weakness.
On the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar 2020 on risk-off trades due to COVID-19 pandemic, dlr's rally to 111.71 the same month signals correction over. Despite dlr's erratic fall to 102.60 (Jan 2021), subsequent rise to 116.65 at the start of Jul signals pullback is over n as price has risen from 108.73 in early Aug to 110.79, re-test of 111.65 is envisaged but abv needed to head twd 2020 112.22 peak. Having said that, dlr's drop fm 110.79 in Aug would bring choppy swings, below 108.73 risks 108.35, break extends twd 107.49.
Today, dlr's fall fm 110.44 to 109.63 last week signals choppy sideways swings below Aug's 110.79 peak would continue with downside bias n below 109.60 should head twd 109.12 later. Having said that, Mon's bounce to 110.15 suggests range trading would be seen, abv 110.15 would yield 110.44, break, 110.75/79.
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